At risk of being a pest I want to repost this from the weekly thread. [I completely understand that what I am doing is unusual ... if members of the forum object I will happily TOU myself.... I am just hoping there is some positive response is all ... if not ce la vie]
Is anybody interested in helping to do a shareholder take over of SOC?
This is the situation....
Currently GTT Ventures controls about 40% of the register of SOC .... if one assumes all of the family members and friends of GTT, with shares in SOC, will vote as a unified block.
A dedicated number of rebel shareholders have a combined holding around 25% [myself included but in the scheme of things I am a very small player]. It is a complete unknown how the other shareholders of SOC might vote but it is a reasonable assumption that quite a few are angry about things as they are.
Today SOC management announced a rights issue CR on a 2 for 5 basis @ 0.003 [record date 15 April so still time to buy in]. They are clearly hoping that it will not be well supported and that they can pick up the shortfall and be rid of the retail whingers.
The FA for SOC is .....currently 100% debt free, $1.5M cash in the bank and according to the annual report released yesterday tenements worth $8.8M [provisionally discounted to $3.5M and estimated $5.6M fair value]. The current market cap is $3M.
What I am asking is....
There are a large number of cashed-up individuals on this thread... are there enough of them willing to pool some money and buy into SOC with the intention of voting in favour of a spill motion to remove the current board and replace them with one focused on exploring the assets of SOC? We as a group are organized and ready to pull the trigger for the spill motion.
